Entity B had the following transactions/events. Assume a perpetual inventory system.

Make the following entries below.

1. Entity B sold Entity C $45,000 of merchandise, terms 3/10, net 30. The merchandise cost Entity B $30,000

2. Entity B paid its monthly rent of $1,500.

3. At the end of last month, Entity B purchased $600 of supplies on credit and made the proper journal entry. It will now pay for those supplies.

4. A count of the supplies indicates that only $200 are left. (Make the appropriate

adjusting entry).

5. Entity C (see item 1) paid Entity B for the merchandise it bought and did so 15 days after the invoice date.